STEPN

Around April 2022, Move-to-Earn was all the rage, and STEPN, powered by Solana, was the leader. The purpose of STEPN is to encourage people to lead healthy lifestyles. To earn cryptocurrency, users have to buy a "sneaker" NFT. Depending on the user's physical activity, various shoe kinds have various rewarding qualities.

Lift off

Between March and May, the price of GMT tokens soared by more than 1900%. The price of STEPN shoes could reach $1200. Some customers claimed to earn over $1200 per day, hence the high barrier to admission seemed warranted.

The popularity of STEPN and GMT reached the point that some runners in China offered to run in lieu of paying for GMT in exchange for a commission. The second quarter of 2022 had a $122.5 million profit for STEPN

Downfall

STEPN had just one active user, according to information from DappRadar, a platform that offers insight into decentralized applications. However, DappRadar defines an active user as many distinct wallet addresses interacting with the smart contracts of a certain Dapp. Users who might merely be browsing the smart contract without transacting with it might not be included.

The whole cryptocurrency market entered a bear market as a result of the collapse of the Terra LUNA ecosystem in May. Solana, GST, and GMT all saw significant price drops.

Users left STEPN as their earnings dropped, which is what caused it. Even those who used STEPN on a regular basis are moving on. Additionally, users believe that tokenomics is to blame for the downturn. In order to receive their prizes, customers will have to sell their tokens in the market. When they sell their tokens, the supply expands and the price of the token drops as a result.